At the start of 2014, Chevron stock traded at $114 per share. The price of oil was at $107 per barrel. The oil company was earning over $10 per share in profits, and was on target to pay $4.21 per share in dividends.
As you know, this was the eve of a multi-year decline in the price of oil that saw commodity prices fall from that $107 per barrel mark to a low of $27 which has since rebounded to the $50 range. At current prices, the earnings at Chevron ought to come in somewhere between the $4 and $5 mark, basically enough to cover the $4.28 per share dividend commitment but not much else.